Zenith Energy Ltd Loan to Anglo African Oil & Gas plc (7673Y)
06 1월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 7673Y
Zenith Energy Ltd
06 January 2020
January 6, 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Loan to Anglo African Oil & Gas plc
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to announce that it has reached an
agreement to provide a secured loan facility (the "Facility") to
Anglo African Oil & Gas plc ("AAOG") for a total amount of
GBP250,000.
The purpose of the Facility is to assist AAOG in addressing its
immediate working capital requirements following the signing of a
conditional share purchase agreement for Zenith's acquisition of an
80 percent interest in AAOG's fully owned subsidiary in the
Republic of the Congo, Anglo African Oil & Gas Congo S.A.U
("AAOG Congo") ("Acquisition").
The Facility will be available, inter alia, subject to AAOG
shareholder approval of the conditional SPA announced on December
27, 2019, on 25 January 2020 regardless of whether all the
conditions for completion of the Acquisition have taken place.
The Facility will for an initial period of 6 months from January
25, 2020 and may be extended by a further 3 months if completion of
the Acquisition (which following the approval the General Meeting
would be conditional, inter alia, upon Ministerial consent in the
Republic of Congo) has not occurred.
The Facility will be repayable at any time by AAOG with no early
repayment penalties and will have an interest rate of 5 percent per
annum which will be payable on final repayment.
Zenith shall set off sums payable by it to AAOG pursuant to the
SPA against the Facility, which means the Facility is essentially
an advance on sums payable by Zenith to AAOG pursuant to the SPA.
The Facility will be secured on the shares in AAOG Congo.
Andrea Cattaneo, Chief Executive Officer, commented:
"We have a bona fide intention to assist AAOG and its
shareholders. As announced on December 27, 2019, we believe the
Tilapia asset has potentially transformational productivity and we
look forward to completing the deal in order to begin preparations
for drilling activities in TLP-103C as soon as we assume
operational control of the asset.
Indeed, I am pleased to state that we have received initial
indications, which shall require further confirmation in due
course, that a suitable drilling rig may shortly become available
in a neighbouring country."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
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Peterhouse Capital - Joint Broker Tel: + 44 (0) 20 7469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
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Novum Securities Limited - Joint Tel: + 44 (0) 20 7399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 20 3934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage following the signing of a 25-year REDPSA,
(Rehabilitation, Exploration, Development and Production Sharing
Agreement), with SOCAR, State Oil Company of the Republic of
Azerbaijan, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, condensate and
electricity.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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